Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Derive against OKX+0.003%48s7-day average −0.002% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now +0.003%, 7d avg −0.002%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BTC-USDT-SWAP	85,784.9	0.0100	pay 0.0100% / 8h	6h 46m	$2.55B	$12.53B	100x
Short	Derive BTC-PERP	85,787.8	0.0100	get 0.0013% / 1h	46m 34s	$30.0M	$57.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against OKX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OKXbpFee DerivebpOrdersPrice spread, now +0.003%Rate

Funding earned: $0
Price spread: +0.003% → −0.002%: $0.54
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$15.46
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; Derive: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$513	6.2 bp −$3,112
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0144%	1h	85,788	+0.004%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,799	+0.016%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.079%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,783.5	−0.002%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,814.4	+0.034%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,827.2	+0.049%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,796.4	+0.013%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.029%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,824.4	+0.046%	$497.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	85,802.9	+0.021%	$894.7M	$757.2M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,799	+0.016%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,792.4	+0.009%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,764.5	−0.024%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,770.2	−0.017%	$2.95B	$5.13B	150x	as long as short
ApeX Omni BTCUSDT	+0.0075%	1h	85,863.8	+0.092%	$140.4M	$320.9M	100x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,778.6	−0.007%	$23.0M	$229.0M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,780.6	−0.005%	$2.5M	$1.8M	20x	as long as short
HTX BTC-USDT	+0.0080%	8h	85,784	−0.001%	$2.27B	$968.8M	200x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,783.5	−0.002%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,784.2	−0.001%	$9.34B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0089%	8h	85,792.6	+0.009%	$5.66B	$10.38B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,814.2	+0.034%	$170.1M	$977.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,825.5	+0.047%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,789	+0.005%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,764	−0.024%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,838.5	+0.063%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,852	+0.078%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,831.2	+0.054%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,794.7	+0.011%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	85,784.9	long leg	$2.55B	$12.53B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,786	+0.001%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,774	−0.013%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,778.2	−0.008%	$35.1M	$163.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.002%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,838.8	+0.063%	$278.1M	$943.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.084%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,799.4	+0.017%	$30.4M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,835.4	+0.059%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,774	−0.013%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,792	+0.008%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,779.2	−0.007%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,840.8	+0.065%	$186K	$709K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,787.8	+0.003%	$30.0M	$57.4M	15x
SunX BTC-USDT	+0.0100%	8h	85,776.6	−0.010%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,782	−0.003%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,782.4	−0.003%	$154.0M	$477.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.023%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,762	−0.027%	$44.7M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,817.8	+0.038%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,824.5	+0.046%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,822.2	+0.043%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,812.5	+0.032%	$189.1M	$970.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,830.6	+0.053%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0153%	1h	85,829	+0.051%	$895.4M	$1.54B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,796.2	+0.013%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,822	+0.043%	$9.9M	$769.1M	6.4x	as long as short